Surging spot demand propels futures upwards
image for illustrative purpose
Gold futures rose Rs16 to Rs58,590 per 10 grams as specula tors created fresh positions on firm spot demand. Silver futures jumped Rs611 to Rs72,593 per kilogram as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs16 or 0.03 per cent at Rs58,590 per 10 grams in a business turnover of 12,865 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.27 per cent higher at $1,931.20 per ounce in New York.
On MCX, silver contracts for September delivery gained Rs611 or 0.85 per cent to Rs72,593 per kg in 9,616 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 1.27 per cent higher at $24.07 per ounce in New York.
